New York (CNN) — Rupert Murdoch announced Thursday that he will step down as chairman of Fox Corporation and News Corp.
“For my entire professional life, I have been engaged daily with news and ideas, and that will not change,” Murdoch wrote in a memo to employees. “But the time is right for me to take on different roles, knowing that we have truly talented teams.”
His son, Lachlan Murdoch, will become sole chairman of both companies. Rupert Murdoch called his son “a passionate, principled leader.”
Fox News announced Rupert Murdoch’s retirement on its air Thursday morning, with anchor Bill Hemmer praising the network’s founder.
“Rupert Murdoch created all of this and so much more across America and the globe,” Hemmer said. “His life’s work has left an indelible imprint on the global media landscape. His contributions are both innumerable and extraordinary and we thank him for letting us be a part of it all.”
“Without him, we would not be here,” anchor Dana Perino added.
A storied, controversial career
Murdoch’s foray into the media business began in the 1950s with a small Australian newspaper chain, later becoming a major Hollywood executive in 1985 when he purchased Twentieth Century Fox from oilman Marvin Davis for $600 million. In 1986, Murdoch got into the television business after he purchased several US television stations and created Fox Broadcasting.
Fox News launched in 1996 as a conservative startup competitor to CNN. It eventually became the top cable news channel in America by playing into conservative narratives.
The channel, however, veered from its roots in conservative news as former President Donald Trump ascended to power in the Republican Party in 2015, becoming an unabashed home of right-wing propaganda aimed at propping up the scandal-ridden White House.
In recent years, under Murdoch, Fox News has advanced baseless conspiracy theories, including the Covid-19 pandemic and the 2020 presidential election.
The lies Fox News pushed about the election spawned two massive defamation lawsuits from voting technology companies Dominion Voting Systems and Smartmatic.
Fox earlier this year settled the Dominion lawsuit for a historic $787.5 million. The Smartmatic lawsuit, however, continues to make its way through the court system.
Fox News announced Murdoch’s retirement on its air Thursday morning, with anchor Bill Hemmer praising the network’s founder.
“Rupert Murdoch created all of this and so much more across America and the globe,” Hemmer said. “His life’s work has left an indelible imprint on the global media landscape. His contributions are both innumerable and extraordinary and we thank him for letting us be a part of it all.”
“Without him, we would not be here,” anchor Dana Perino added.